Bitcoin Jumpst Above $25K as February CPI Clocks in at 6% YoY
The CPI numbers are in. As always, this caused a considerable uptick in market volatility, with the price of Bitcoin doing rounds.
At the time of this writing, BTC trades at above $25,000.
- The Consumer Price Index is one of the most commonly-used metrics that investors use to gauge the levels of inflation in the United States.
- It’s released monthly by the Bureau of Labor Statistics.
- For January, the index for all times less food and energy increased by 0.4% and was up by 5.6% year-over-year.
- The Consumer Price Index for all urban consumers, on the other hand, increased by 0.5% – seasonally adjusted, and a total of 6.4% for the past twelve months.
- Now, the forecasted expectations were for a 0.4% increase and 6% year-over-year.
- Per data from the Bureau of Labor Statistics, the CPI (YoY) currently sits at 6%, while the Core CPI is at 5.5% YoY.
- Now, all eyes are turned to this month’s FOMC meeting of the Federal Reserve, where the Chairman will reveal if they will hike rates or succumb to institutional pressure and forego an increase to decrease the strain on the already suffering banking system.
- The FOMC statement is expected on March 22nd.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.